Germany’s biggest bank has seen revenue falling or little changed from last year across most of its businesses. For the full year, the lender expects revenue to be “broadly flat,” it said in its annual report published Monday.

While an economic recovery in Europe, expectations for fiscal stimulus in the U.S. and rising interest rates should bolster the bank, “2017 will remain a year of change,” Cryan said in the report.

…

In a prospectus for the offering, also published Monday, the bank said “segmental revenues” through mid-March are “slightly lower” than in the comparable period last year. Revenue was flat in equities sales and trading, while debt sales and trading as well as corporate finance are up from a year earlier, though by a smaller margin than in the first two months. Revenue in the private wealth and commercial clients unit is flat in the first two months of the year, and global transaction banking declined.

And the "cautious" outlook is not appreciated by shareholders…

Deutsche Bank said earlier this month that the new phase of its overhaul will cause the loss of additional jobs, without specifying how many. That comes after an announcement in 2015 that it would eliminate about 9,000 jobs by the end of 2018 to cut costs.

“Our progress should become even more visible once we resolve outstanding litigation matters, modernize our technology and further strengthen our controls,” Cryan said in a letter to shareholders. “This will entail additional restructuring expenses.”

Judging by the stock's recent collapse – there's more work to be done.